REG - Informa PLC - Final Results
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RNS Number : 3117W Informa PLC 12 March 2026
Informa PLC 2025 Full-Year Results
12 March 2026
Compounding Growth
Informa delivering strong growth in revenue, operating profit and earnings per
share
Informa (LSE: INF.L), the international B2B Live Events, B2B Digital Services
and Academic Markets
Group today published 2025 Full-Year Results, reporting record revenues and
adjusted operating profit, and the fifth consecutive year of double-digit
adjusted earnings per share growth. In addition, it confirmed £620m cash
returns in 2025 and an acceleration in share buybacks in 2026.
Stephen A. Carter, Group Chief Executive, Informa PLC, said:
"The Informa Group delivered an outstanding performance in 2025, delivering
double-digit growth in revenues, adjusted earnings per share and cash flow."
He added: "The Power of Live, the value of proprietary First Party Data, deep
international reach and the deployment of AI technology are driving strong
customer demand for our specialist Brands, underpinning our confidence in the
compounding growth opportunities for Informa."
Strong Growth in 2025
· Strong Financial Performance:(1) Revenue £4,041.4m (2024:
£3,553.1m), Adjusted Operating Profit(1) £1,139.8m (2024: £995.0m) and Free
Cash Flow(1) £884.8m (2024: £812.1m);
· Double-Digit Growth:(1) Group reported revenue and operating
profit growth of 13.7% and 14.6%, respectively, with Group underlying revenue
and adjusted operating profit growth of 6.3% and 8.7%, including 9.5% and
12.6% respectively in B2B Live Events;
· Improving Margins:(1) Strong underlying revenue growth and
focused cost management delivers increase in Adjusted Operating Margin(1) to
28.2% (2024: 28.0%);
· Growing Earnings per Share:(1) Adjusted diluted earnings per
share +11% to 55.6p (2024: 50.1p), the fifth consecutive year of double-digit
growth (+16% absent FX and non-recurring data contracts);
· Free Cash Flow Strength:(1) Operating profit growth and focused
cash management delivered 106% operating cashflow conversion and free cash
flow of £884.8m, ahead of plan (2024: 812.1m)(1);
· Statutory Performance: 2025 reported operating profit of £141.7m
(2024: £542.8m) and reported diluted EPS of 0.8p (2024: 22.2p), lower
year-on-year due to higher intangible amortisation and the previously reported
non-cash impairment of Informa TechTarget.
Compounding Growth in 2026
· The Informa Growth Programme: At Informa's Capital Markets Day in
November 2025, the Group committed to delivering consistent 5%+ underlying
revenue growth over the next three years, faster underlying profit growth and
8%+ underlying EPS growth;
· Compounding underlying growth in 2026: We continue to target
higher underlying revenue growth in 2026 at 6%±, with B2B Live Events
underlying growth of 7%+, alongside double-digit growth in underlying earnings
per share (excluding FX movements, biennial phasing and non-recurring data
contracts);
· Strong Q1 Performance and Forward Visibility: 2026 is trading to
plan, with strong performances by major B2B brands in Healthcare (HIMSS, WHX
Dubai, WHX Labs) and Food (Natural Products Expo, Gulfood), as well as robust
subscription renewals at Taylor & Francis; Over £2bn of 2026 revenues
(45%+ of target) are already paid, booked or committed via recurring exhibitor
revenues, subscriptions and forward bookings, pacing ahead of last year on a
like-for-like basis;
· Continuing growth in IMEA: We continue to target growth in IMEA
in 2026 following a strong opening performance in January/February ($250m±
revenue). There is currently some travel disruption in locations directly
impacted by military activities but it remains business as usual in others.
Around 40% of IMEA revenue for the year has either already traded or relates
to Brands within BAU locations and, following successful rescheduling, all of
the remaining Brands are due to run or have secured a confirmed option to run
in the last four months of the year. We therefore remain fully committed to
our 2026 targets and long-term growth opportunities.
Growth & Innovation through 2025-2028 One Informa
· 2025-2028 One Informa: Our four-year programme to maximise the
growth and value of our B2B platform is building momentum, including in:
o Brand Value: We continue to extend our brands into growth regions, develop
new partnerships in growth categories and use our proprietary first party data
to develop new services and additional value e.g. Leap East (Hong Kong), Gitex
Kenya;
o AI Acceleration: We are systematically embedding AI into many operating
facets of our business to drive productivity, enhance our products, deliver
customer benefits and expand our addressable market, building on our strong
foundations in proprietary first party data, trusted brands and the unique
Power of Live in a digital world e.g. Elysia, Lead Insights;
o Customer Experience: We are leveraging our first party data and digital
capabilities to reduce friction and personalise our products and services,
connecting our industries more effectively and increasing market impact;
o Data-led Marketing: We are embedding our proprietary first party data
deeply into our marketing platforms and go-to-market strategy, delivering more
direct, personalised and impactful marketing, driving efficiency and a higher
return on investment;
· Academic Markets: Taylor & Francis delivered 3.6% underlying
revenue growth in 2025 (excluding non-recurring data access contracts) and we
are targeting further momentum in 2026 as we expand our journal portfolio,
double down on international sales and target underweight customer segments,
including the Corporate market;
· B2B Digital Services: Following a foundational year for Informa
TechTarget, the focus for 2026 is to deliver positive growth, leveraging
market scale, proprietary first party data, and breadth of product offer, with
a particular focus on key customer accounts where the growth opportunities are
greatest.
Balance Sheet Strength and Consistent Shareholder Returns
· Balance Sheet Strength: Strong cash generation supported organic
investment in One Informa initiatives, as well as a continuing reduction in
year-end leverage to 2.4x net debt to adjusted EBITDA;
· Consistent Shareholder Returns: Ordinary dividends of 22.0p per
share for 2025, +10% year-on-year, combined with c.£350m of share buybacks,
delivering £620m in-year cash returns;
· Accelerating Share Buybacks: The Share Buyback Programme for 2026
started with an initial minimum commitment of £200m. Given the strength of
our cashflows and the extent of current equity market dislocation, we are
increasing this commitment to £250m, enabling us to increase the rate of
share purchases to the daily maximum through to our AGM (subject to safe
harbour limits);
· Sustainability...FasterForward: Continuing delivery of
FasterForward sustainability strategy, including the Sustainable Events
Fundamentals Programme, recognised through inclusion in Dow Jones
Sustainability Index for eighth consecutive year, AAA ESG Rating from MSCI and
A- CDP Score.
Enquiries
Stephen A. Carter, Group Chief Executive +44 (0) 20 8052 0400
Gareth Wright, Group Finance Director +44 (0) 20 8052 0400
Richard Menzies-Gow, Director of IR & Communications +44 (0) 20 8052 2787
Tim Burt / Anthony Di Natale - Teneo +44 (0) 7583 413254 / +44 (0) 7880 715975
2025 Financial Summary
2025 2024 Reported Underlying(2)
£m £m % %
Revenue 4,041.4 3,553.1 13.7 6.3
Statutory operating profit 141.7 542.8 (73.9)
Adjusted operating profit(3) 1,139.8 995.0 14.6 8.7
Adjusted operating margin (%)(3) 28.2 28.0
Statutory (loss)/profit before tax (64.3) 407.3 n/a
Adjusted profit before tax(3) 996.1 915.4 8.8
Statutory diluted earnings per share (p) 0.8 22.2 (96.4)
Adjusted diluted earnings per share (p)(3) 55.6 50.1 11.0
Free cash flow(3) 884.8 812.1 9.0
Net debt (incl. IFRS 16)(3) 3,066.2 3,201.8 (4.2)
Full year dividend per share (p) 22.0 20.0 10.0
2025 Divisional Highlights
2025 2024 Reported Underlying(2)
£m £m % %
B2B Live Events:
Revenue:
Informa Markets 1,964.1 1,737.9 13.0 10.8
Informa Connect 640.6 701.0 (8.6) 6.8
Informa Festivals 397.9 198.6 100.4 7.7
Total B2B Live Events Revenue 3,002.6 2,637.5 13.8 9.5
Statutory operating profit 496.3 380.0
Adjusted operating profit(3) 857.5 717.9 19.4 12.6
Adjusted operating margin(3) (%) 28.6 27.2
Taylor & Francis
Revenue 670.8 698.2 (3.9) (2.1)
Statutory operating profit 207.9 202.5
Adjusted operating profit(3) 245.7 255.7 (3.9) (2.7)
Adjusted operating margin(3) (%) 36.6 36.6
Informa TechTarget
Revenue 368.0 217.4 69.3 (1.7)
Statutory operating loss (562.5) (39.7)
Adjusted operating profit(3) 36.6 21.4 71.0 6.5
Adjusted operating margin(3) (%) 9.9 9.8
(1 ) In this report, we refer to non-statutory measures, as defined
in the Financial Review on page 6 and Glossary on page 39
(2 ) In this document, we refer to Statutory (Reported) and
Underlying results. Underlying figures are adjusted for acquisitions and
disposals, the phasing of events including biennials, the impact of changes
from new accounting standards and policy changes, and the effects of currency.
It includes, on a pro-forma basis, results from acquisitions from the first
day of ownership in the comparative period and excludes results from sold
businesses from the date of disposal in the comparative period. Statutory
figures exclude such adjustments. Alternative performance measures are
detailed in the Glossary.
(3 ) In this document, we refer to Statutory (Reported) and Adjusted
results, as well as other non-statutory financial measures. Adjusted results
are prepared to provide an alternative measure to explain the Group's
performance. Adjusted results exclude adjusting items as set out in Note 6 to
the Financial Statements. Operating Cash Flow, Free Cash Flow, Net Debt, and
other non-statutory measures are discussed in the Financial Review and the
Glossary.
2026 Growth Outlook
The Informa Group has built an international business of scale delivering
consistent 5%+ underlying revenue growth. Our core growth markets of B2B Live
Events and Specialist Knowledge have strong structural foundations, with our
market leading B2B platform benefiting from several structural tailwinds:
1. MICE (Meetings, Incentives, Conferences, Exhibitions) as an
economic strategy...Fast growth economies using MICE to develop industries,
accelerate growth and attract foreign investment and business tourism;
2. B2B Specialisation...B2B industries becoming increasingly segmented
and specialist, creating new market categories and driving demand for
specialist B2B Events, Content and Networking;
3. Supply Chain Refresh/Review...Increasingly complex and dynamic
supply chains increase the need to source new suppliers, new distributors, new
buyers and new components, a demand-side accelerant for large scale B2B trade
shows;
4. Rising value of face-to-face...Increasing value being placed on
high quality B2B face-to-face interactions in an increasingly digital B2B
world;
5. Business Travel consolidates...The power and reach of market
leading B2B Event Brands deliver material business travel and time
efficiencies, providing access to multiple customers / suppliers / colleagues
in a single location;
6. AI Time Dividend... The AI Time Dividend increases professional
time for innovation, creation and business development, rather than process,
administration and simple summary.
These structural growth foundations underpin our business and growth prospects
for 2026, when we are targeting underlying revenue growth of 6%±, above our
medium-term guidance range. This is expected to translate to a sixth
consecutive year of double-digit underlying earnings per share growth (i.e.
excluding FX movements, biennial phasing and non-recurring data contracts).
B2B Live Events (Informa Markets, Informa Connect, Informa Festivals)
Over the last 10+ years, Informa has built the leading position in B2B Live
Events globally, including more than 800 specialist Brands serving 30+ growth
market categories in all major geographic regions.
Through our One Informa programme, we are transforming our B2B Live Events
business into a multi-service customer-led business, built around major B2B
brands and proprietary first party data. This is driving new revenue streams
beyond volume and price, including attendee services such as ticketing, hosted
buying and curated content, amplification services such as matchmaking,
product promotion, accreditation and sponsorship, and supplier partnerships
including with hotels and cities.
Combined with the continuing expansion of our B2B Brands into new geographies
and market categories, including through partnerships such as inD and Tahaluf
in IMEA and Prestige in the Luxury category, this is driving consistently
higher levels of growth and performance.
In 2026, we are targeting 7%+ underlying revenue growth for the B2B Live
Events Division.
Academic Markets (Taylor & Francis)
Taylor & Francis had a strong year in 2025, with underlying revenue growth
of 3.6% (excluding non-recurring data contracts) and further success in
licencing, archives and data access, albeit non-recurring data access revenues
were lower than the exceptional levels achieved in 2024 ($75m+).
In 2026, the year has started well, with consistently strong renewals and cash
collection in our subscription products. Open research volumes also continue
to grow strongly, following on from more than 20% growth in submissions, and
double-digit growth in published OA articles in 2025.
We are focused on a range of growth initiatives this year, including further
investment in our international business, both in the range of relevant and
tailored content available and in the capacity and capabilities of our
go-to-market teams.
On content, we are focused on expanding our Journal portfolio through
partnership titles and new launches, and diversifying our Advanced Learning
through new formats (audiobooks, short-form/serialisation etc) and new
products (podcasts, e-learning etc).
We are also targeting underserved customer segments such as the Corporate
market, where we have relevant and valuable content and data and are now able
to provide a more tailored offering for this customer base.
In 2026, we are targeting 4%± underlying revenue growth (rebasing 2025
performance for non-recurring data access contracts).
B2B Digital Services (Informa TechTarget)
Following the foundation year for Informa TechTarget, the focus for the
business in 2026 is to deliver positive revenue growth. The business is
underpinned by unique content, trusted specialist brands and proprietary first
party data and, as search traffic adapts to new AI platforms, it continues to
see growth in membership and usage of its specialist data and content by
members in 2025.
The Company also used its foundation year to realign its product portfolio to
serve a broader addressable market and restructure its go-to-market approach
to enhance sales support and fulfilment, and put greater emphasis on key
customer accounts, where the growth opportunities are greater.
Together this puts the Company in a strong position to deliver positive growth
in 2026.
Balance Sheet Strength and Consistent Shareholder Returns
Strong operating profit growth, continuing focus on cash management and cash
generation, delivered a very strong cash performance in the year, with 106%
operating cash conversion and free cash flow of £885m, a record level and
comfortably ahead of expectations.
Long-term financing flexibility
Our balance sheet strategy is focused on maintaining long-term financing at
attractive rates, providing flexibility and liquidity through the cycle. In
June 2025, we issued €700m of bonds to refinance upcoming maturities and in
2026, subject to market conditions, we will refinance our £450m bond that
matures in July. Beyond this, our next maturity is the €600m bond due in
October 2027.
Post-2025 and 2026 refinancing, the Group's post-issue total average debt
maturity is expected to extend to 4 years and the forward weighted average
cost of debt to 4.7%.
Acceleration in Share Buyback Programme
Our focus on reinvesting back into the business for future growth is matched
by a commitment to deliver consistent shareholder returns, including
progressive dividends and share buybacks.
The proposed 2025 Dividend of 22.0p is 10% higher year-on-year, meaning
dividend returns to shareholders have more than doubled over the last three
years.
Our 2026 Share Buyback Programme started with an initial £200m commitment
announced in January. Given the strength of our cash flow generation and the
extent of current equity market dislocation and depressed equity values, we
are increasing this commitment by £50m to £250m, enabling us to accelerate
the rate of share purchasing to the daily maximum through to the AGM in June
(within Safe Harbour limits).
In 2026, year to date we have completed £72.5m of share purchases at an
average price of 834p, reducing our share capital by 8,702,552 shares.
Board Update
With effect from 9 March 2026, Andy Ransom, Non-Executive Director, was
appointed as a member of the Audit Committee, joining Gill Whitehead
(Committee Chair), Joanne Wilson and Maria Kyriacou. Andy is also a member of
the Nomination and Remuneration Committees.
Financial Review
Income Statement
Informa delivered a strong set of results for the year ended 31 December 2025,
including 6.3% underlying revenue growth and 8.7% underlying adjusted
operating profit growth, which resulted in record revenue and adjusted
operating profit for the Group. This reflected particularly strong trading
performances across B2B Live Events divisions, as well as a good performance
in core activities within our Academic Markets business, with lower revenue
from non-recurring data contracts after an exceptional performance in 2025.
Adjusted results Adjusting items Statutory results Adjusted results Adjusting items Statutory results
2025 2025 2025 2024 2024 2024
£m £m £m £m £m £m
Revenue 4,041.4 - 4,041.4 3,553.1 - 3,553.1
Operating profit/(loss) 1,139.8 (998.1) 141.7 995.0 (452.2) 542.8
Fair value loss on investments - (57.6) (57.6) - (9.2) (9.2)
Loss on disposal of subsidiaries and operations - (2.1) (2.1) - (24.1) (24.1)
Net finance costs (143.7) (2.6) (146.3) (79.6) (22.6) (102.2)
Profit/(loss) before tax 996.1 (1,060.4) (64.3) 915.4 (508.1) 407.3
Tax (charge)/credit (204.2) 123.1 (81.1) (178.2) 137.3 (40.9)
Profit/(loss) for the year 791.9 (937.3) (145.4) 737.2 (370.8) 366.4
Adjusted operating margin 28.2% 28.0%
Adjusted diluted and statutory diluted EPS 55.6p 0.8p 50.1p 22.2p
Financial Results
The Group's performance includes a 13.7% increase in reported revenue to
£4,041.4m, including good growth in each of Informa's three B2B Live Events
divisions - Informa Markets, Informa Connect and Informa Festivals. The Group
reported a statutory operating profit of £141.7m in 2025, compared with a
statutory operating profit of £542.8m for the year ended 31 December 2024.
The decrease from 2024 was primarily as a result of the non-cash impairment
charge of £484.2m in relation to Informa TechTarget taken at June 2025.
Adjusted operating profit was £1,139.8m, growing 14.6% year-on-year.
Statutory net finance costs increased by £44.1m to £146.3m, with adjusted
net finance costs increasing by £64.1m to £143.7m. This was due to the
issuance of €1.75bn and €700m Euro Medium Term Notes in October 2024 and
June 2025, respectively, to fund acquisitions in 2024 and to refinance an
existing EMTN that matured in October 2025.
The combination of all these factors led to a statutory loss before tax of
£64.3m in 2025, compared with a statutory profit before tax of £407.3m in
2024. The statutory tax charge on this loss was £81.1m in 2025 compared to a
tax charge of £40.9m in the prior year.
This profit outcome translated into a statutory diluted earnings per share of
0.8p compared to 22.2p for the prior year, driven by a £44.1m increase in
statutory net finance costs and a £401.1m decrease in statutory operating
profit. Adjusted diluted EPS grew to 55.6p from 50.1p in the prior year, an
increase of 11.0%.
Measurement and Adjustments
In addition to statutory results, adjusted results are prepared for the Income
Statement. These include adjusted operating profit, adjusted diluted earnings
per share and other underlying measures. A full definition of these metrics
can be found in the Glossary of terms on page 39. The divisional table on page
8 provides a reconciliation between statutory operating profit and adjusted
operating profit by division.
Revenue and adjusted operating profit growth on an underlying basis are
reconciled to reported growth in the table below:
Underlying growth Phasing and other items Acquisitions and disposals Currency change Reported growth
2025
Revenue 6.3% 1.3% 8.0% (1.9)% 13.7%
Adjusted operating profit 8.7% 2.4% 4.3% (0.8)% 14.6%
2024
Revenue 11.6% (3.4)% 7.0% (3.8)% 11.4%
Adjusted operating profit 22.9% (7.7)% 6.5% (5.2)% 16.5%
Adjusting Items
The items below have been excluded from adjusted results. The total adjusting
items included in the operating profit in the year were £998.1m (2024:
£452.2m). The increase in adjusting items is primarily due to the non-cash
impairment charge in relation to Informa TechTarget.
2025 2024
£m £m
Intangible asset amortisation(1) 342.5 309.6
Impairment - goodwill 484.2 -
Impairment - acquisition-related and other intangible assets 32.0 28.5
Impairment - investment in joint ventures 13.1 -
Impairment - right-of-use assets 5.3 5.0
Acquisition costs 10.1 66.0
Integration costs 84.4 42.2
Restructuring and reorganisation costs 21.2 14.1
Foreign exchange gain (3.1) -
Fair value gain on contingent consideration (1.4) (29.5)
Fair value loss on contingent consideration 9.8 16.3
Adjusting items in operating profit 998.1 452.2
Fair value loss on investments 57.6 9.2
Loss on disposal of subsidiaries and operations 2.1 24.1
Finance costs 2.6 22.6
Adjusting items in profit before tax 1,060.4 508.1
Tax related to adjusting items (123.1) (137.3)
Adjusting items in profit for the year 937.3 370.8
1. Excludes non-acquired intangible product development and
software amortisation of £37.6m (2024: £46.1m)
Intangible amortisation of £342.5m (2024: £309.6m) relates to the historical
additions of book lists and journal titles, acquired databases, customer and
attendee relationships, brands related to exhibitions, events and conferences
and product development. As it relates to acquisitions, it is not treated as
an ordinary cost. By contrast, intangible asset amortisation arising from
software assets and non-acquired product development, is treated as an
ordinary cost in the calculation of operating profit, so is not treated as an
adjusting item.
Impairment of goodwill of £484.2m reflects a non-cash impairment charge in
relation to Informa TechTarget. Integration costs of £84.4m principally
relate to the integration of TechTarget and Ascential.
Divisional Performance
The table below shows the results and adjusting items by Division,
highlighting strong growth driven by the B2B Live Events business.
B2B Live Taylor & Informa Tech Informa
Events Francis Target Group
£m £m £m £m
Revenue 3,002.6 670.8 368.0 4,041.4
Underlying revenue growth 9.5% (2.1)% (1.7)% 6.3%
Statutory operating profit/(loss) 496.3 207.9 (562.5) 141.7
Add back:
Intangible asset amortisation(1) 264.0 20.5 58.0 342.5
Impairment - goodwill - - 484.2 484.2
Impairment - acquisition-related and other intangible assets 24.1 7.9 - 32.0
Impairment - investment in joint ventures 13.1 - - 13.1
Impairment - right-of-use assets 1.4 0.1 3.8 5.3
Acquisition costs 7.1 0.2 2.8 10.1
Integration costs 30.1 0.9 53.4 84.4
Restructuring and reorganisation costs/(credit) 16.0 8.7 (3.5) 21.2
Foreign exchange gain (2.3) (0.5) (0.3) (3.1)
Fair value gain on contingent consideration (1.4) - - (1.4)
Fair value loss on contingent consideration 9.1 - 0.7 9.8
Adjusted operating profit 857.5 245.7 36.6 1,139.8
Underlying adjusted operating profit growth 12.6% (2.7)% 6.5% 8.7%
1. Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development of £37.6m (2024: £46.1m)
Adjusted Net Finance Costs
Adjusted net finance costs, which consist of interest costs on our corporate
bond borrowings and loans, partially offset by interest income on bank
deposits, increased by £64.1m to £143.7m. This reflects higher interest
charges driven by the €1.75bn Euro Medium Term Note issued in October 2024
being incurred for the full period, as well as the refinancing of the €700m
Euro Medium Term Note repaid in October 2025 with a new €700m issuance in
June 2025 at a higher interest rate.
The reconciliation of adjusted net finance costs to the statutory finance
costs and finance income is as follows:
2025 2024
£m £m
Finance income (15.1) (12.9)
Finance costs 161.4 115.1
Statutory net finance costs 146.3 102.2
Add back: adjusting items relating to finance costs (2.6) (22.6)
Adjusted net finance costs 143.7 79.6
Taxation
Approach to tax
The Group continues to recognise that taxes paid are part of the economic
benefit created for the societies in which we operate, and that a fair and
effective tax system is in the interests of taxpayers and society at large. We
aim to comply with tax laws and regulations everywhere the Group does business
and Informa has open and constructive working relationships with tax
authorities worldwide. Our approach balances the interests of stakeholders
including shareholders, governments, colleagues and the communities in which
we operate.
The Group's adjusted effective tax rate (as defined in the Glossary of terms)
reflects the blend of tax rates and profits in the jurisdictions in which we
operate. In 2025, the adjusted effective tax rate was 20.5% (2024: 19.5%).
The calculation of the adjusted effective tax rate is as follows:
2025 2024
£m £m
Adjusted tax charge 204.2 178.2
Adjusted profit before tax 996.1 915.4
Adjusted effective tax rate 20.5% 19.5%
Tax payments
During 2025, the Group paid £156.5m (2024: £122.3m) of corporation tax and
similar taxes.
A breakdown of the main geographies in which the Group paid tax is as follows:
2025 2024
£m £m
UK 32.3 15.8
Continental Europe 39.2 26.2
US 18.2 24.2
China 38.0 33.8
Rest of world 28.8 22.3
Total 156.5 122.3
The reconciliation of the adjusted tax charge to cash taxes paid is as
follows:
2025 2024
£m £m
Adjusted tax charge 204.2 178.2
Movement in deferred tax including tax losses (26.5) 19.6
Net current tax (credit)/charge in respect of adjusting items (53.7) 24.9
Movement in provisions for uncertain tax positions (7.7) 2.6
Taxes paid in different year to charged 40.2 (103.0)
Taxes paid per statutory cash flow 156.5 122.3
The recognised deferred tax assets relating to US, UK and Luxembourg tax
losses were £13.3m (2024: £22.2m), £30.7m (2024: £56.1m) and £69.4m
(2024: £83.5m) respectively. These are expected to be utilised against future
taxable profits.
Goodwill is not amortised as it is subject to impairment reviews, and as a
result there is no charge to adjusting items for goodwill amortisation.
However, there can be an allowable tax benefit for certain goodwill
amortisation in the US and elsewhere. Where this benefit arises, it reduces
the tax charge on adjusted profits.
The amortisation of intangible assets is considered an adjusting item. The
£7.6m (2024: £10.0m) of current tax credits taken in respect of the
amortisation of intangible assets is therefore also treated as an adjusting
item and included in the tax credits in respect of adjusting items.
Tax contribution
The Group's total tax contribution, which comprises all material taxes paid
to, and collected on behalf of, governments globally was £582.0m in 2025
(2024: £545.8m). The geographic split of taxes paid by our businesses was as
follows:
2025 2024
UK US Other Total Total
£m £m £m £m £m
Profit taxes borne 32.3 18.2 106.0 156.5 122.3
Employment taxes borne 43.2 25.6 17.7 86.5 84.7
Other taxes 5.4 1.2 0.3 6.9 6.8
Total 80.9 45.0 124.0 249.9 213.8
In addition to the above, in 2025, we collected taxes on behalf of governments
(e.g. employee taxes and sales taxes) amounting to £332.1m (2024: £332.0m).
Earnings Per Share
Adjusted diluted EPS was 11.0% higher at 55.6p (2024: 50.1p), largely
reflecting higher adjusted earnings of £728.6m (2024: £673.3m) together with
a 2.5% decrease in the weighted average number of shares following the share
buybacks completed during the year.
An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:
2025 2024
£m £m
Statutory earnings 11.0 297.7
Add back: Adjusting items in (loss)/profit for the year 937.3 370.8
Adjusted profit for the year 948.3 668.5
Non-controlling interests relating to adjusted profit (219.7) 4.8
Adjusted earnings 728.6 673.3
Weighted average number of shares used in adjusted diluted EPS (m) 1,310.0 1,344.0
Adjusted diluted EPS (p) 55.6p 50.1p
2025 2024
£m £m
Statutory (loss)/profit for the year (145.4) 366.4
Non-controlling interests 156.4 (68.7)
Statutory earnings 11.0 297.7
Weighted average number of shares used in diluted EPS (m) 1,310.0 1,344.0
Statutory diluted EPS (p) 0.8p 22.2p
Dividends
The Group will look to continue progressively growing dividends to strike a
balance between rewarding shareholders and retaining the financial strength
and flexibility to invest in the business and pursue growth opportunities.
An interim dividend of 7.0p per share (2024: 6.4p per share) was paid on 19
September 2025. The total amount paid in 2025 relating to the final dividend
for 2024 and interim dividend for 2025 was £268.1m (2024: £248.2m). The
Board has recommended a final dividend of 15.0p per share for 2025 (2024:
13.6p per share). The final dividend is scheduled to be paid on 10 July 2026
to ordinary shareholders registered at the close of business on 29 May 2026.
This will result in total dividends for the year of 22.0p per share (2024:
20.0p per share). The Dividend Reinvestment Plan (DRIP) will be available for
the final dividend and the last date for receipt of elections for the DRIP
will be 19 June 2026.
Dividend cover (see Glossary of terms for definition) was 2.5 times (2024: 2.5
times), being adjusted diluted EPS of 55.6p (2024: 50.1p) divided by total
dividends per share of 22.0p (2024: 20.0p). Our dividend payout ratio was 40%
(2024: 40%), being total dividends per share of 22.0p divided by adjusted
diluted EPS of 55.6p.
Currency Movements
One of the Group's strengths is its international reach and balance, with
colleagues and businesses located in most major economies of the world. This
means the Group generates revenues and costs in a mixture of currencies, with
particular exposure to the US dollar, as well as some exposure to the Euro and
the Chinese renminbi.
In 2025 approximately 61% (2024: 66%) of Group revenue was received in USD or
currencies pegged to USD, with 12% (2024: 9%) received in Euro and 7% (2024:
8%) in Chinese renminbi.
Similarly, we incurred approximately 53% (2024: 55%) of our costs in USD or
currencies pegged to USD, with 7% (2024: 5%) in Euro and 6% (2024: 7%) in
Chinese renminbi.
In 2025, each one cent ($0.01) movement in the USD to GBP exchange rate had a
circa £18m (2024: circa £19m) impact on annual revenue, and a circa £7m
(2024: circa £8m) impact on annual adjusted operating profit.
The following exchange rates to GBP were applied during the year:
2025 2024
Closing rate Average rate Closing Average rate
rate
US Dollar 1.34 1.32 1.26 1.28
Chinese Renminbi 9.39 9.46 9.17 9.20
Euro 1.15 1.17 1.21 1.18
Free Cash Flow
Cash generation and cash management remain key priorities for the Group,
providing the funds and flexibility for paying down debt, organic and
inorganic investment, and returns to shareholders. Our businesses typically
convert adjusted operating profit into cash at a strong rate, reflecting the
relatively low capital intensity of the Group. In 2025, absolute levels of
free cash flow continued to grow year-on-year driven by higher adjusted
operating profit and working capital inflows.
The following table reconciles the statutory operating profit to operating
cash flow and free cash flow, both of which are defined in the Glossary.
2025 2024
£m £m
Statutory operating profit 141.7 542.8
Add back: Adjusting items 998.1 452.2
Adjusted operating profit 1,139.8 995.0
Software and product development amortisation 37.6 46.1
Depreciation of property and equipment 21.2 17.5
Depreciation of right-of-use assets 43.2 27.1
Share-based payments 39.0 22.2
Loss on disposal of other assets - 0.1
Adjusted share of joint venture and associate results (4.5) (2.8)
(Gain)/loss on lease modifications (3.7) 1.3
Net exchange differences - 0.9
Adjusted EBITDA(1) 1,272.6 1,107.4
Capital expenditure paid(2) (106.9) (100.0)
Working capital movement(3) 47.1 32.9
Pension deficit contributions (6.5) (1.1)
Operating Cash Flow 1,206.3 1,039.2
Restructuring and reorganisation (25.5) (30.6)
Taxation (156.5) (122.3)
Net interest (139.5) (74.2)
Free Cash Flow 884.8 812.1
1. Adjusted EBITDA represents adjusted operating profit
before interest, tax, and non-cash items including depreciation and
amortisation
2. Capital expenditure paid excludes a one-off inflow
from sale of property of £2.9m (2024: £nil)
3. Working capital movement excludes movements on
restructuring, reorganisation and acquisition and integration accruals or
provisions as the cash flow relating to these amounts is included in other
lines in the free cash flow and reconciliation from free cash flow to net
funds flow. The variance between the working capital in the free cash flow and
the Consolidated Cash Flow Statement is driven by the non-cash movement on
these items
Free cash flow was £72.7m higher than 2024 principally due to the £144.8m
higher adjusted operating profit and a working capital inflow of £47.1m in
the year (2024: £32.9m inflow), which was partly offset by an increase of
£65.3m in net interest paid, an increase in cash tax of £34.2m, and an
increase in capex investment of £6.9m.
The calculation of operating cash flow conversion and free cash flow
conversion is as follows:
Operating cash flow conversion Free cash flow conversion
2025 2024 2025 2024
£m £m £m £m
Operating / Free Cash Flow 1,206.3 1,039.2 884.8 812.1
Adjusted operating profit 1,139.8 995.0 1,139.8 995.0
Operating / Free Cash Flow conversion 105.8% 104.4% 77.6% 81.6%
Capital expenditure paid increased to £106.9m (2024: £100.0m) reflecting our
continuing investments in technology, real estate and other capital
expenditure. This investment was equivalent to 2.6% of 2025 revenue (2024:
2.8%).
Net cash interest payments of £139.5m were £65.3m higher than the prior
year, largely driven by interest payments relating to the three EMTNs that
were issued in October 2024 for €1.75bn.
The following table reconciles net cash inflow from operating activities, as
shown in the Consolidated Cash Flow statement, to Free Cash Flow:
2025 2024
£m £m
Net cash inflow from operating activities per statutory cash flow 876.3 801.6
Interest received 15.2 13.3
Purchase of property and equipment(1) (30.3) (30.6)
Purchase of intangible software assets (61.5) (51.2)
Product development cost additions (15.1) (18.2)
Pension receipt from escrow (13.1) -
Add back: Acquisition and integration costs paid 113.3 97.2
Free Cash Flow 884.8 812.1
1 Purchase of property and equipment excludes a one-off
inflow from sale of property of £2.9m (2024: £nil)
Net cash inflow from operating activities increased by £74.7m to £876.3m,
principally driven by the increase in adjusted profit in the year, a working
capital inflow of £47.1m, compared to an inflow of £32.9m in 2024, partly
offset by higher taxes paid. The working capital inflow in 2025 was driven by
strong collections as customers paid upfront for future events.
The following table reconciles cash generated by operations, as shown in the
Consolidated Cash Flow Statement to operating cash flow as shown in the Free
Cash Flow table above:
2025 2024
£m £m
Cash generated by operations per statutory cash flow 1,187.5 1,011.4
Capital expenditure paid(1) (106.9) (100.0)
Pension receipt from escrow (13.1) -
Add back: Acquisition and integration costs paid 113.3 97.2
Add back: Restructuring and reorganisation costs paid 25.5 30.6
Operating Cash Flow 1,206.3 1,039.2
1 Capital expenditure paid excludes a one-off inflow from
sale of property of £2.9m (2024: £nil)
The following table reconciles free cash flow from operations to net funds
flow and net debt, with net debt decreasing by £135.6m to £3,066.2m during
the year.
2025 2024
£m £m
Free Cash Flow 884.8 812.1
Acquisitions (183.0) (1,577.2)
Disposals (29.4) 199.2
Add back: Pension receipt from escrow 13.1 -
Dividends paid to shareholders (268.1) (248.2)
Dividends paid to non-controlling interests (29.9) (31.0)
Dividends received from investments 3.4 1.4
Proceeds from sale of investments 62.2 -
Purchase of own shares through share buyback (352.3) (428.2)
Purchase of shares for Employee Share Trust (6.3) (5.4)
Sale of property and equipment 2.9 -
Net funds flow 97.4 (1,277.3)
Non-cash movements, excluding net lease additions and acquired debt 273.8 (99.6)
Foreign exchange movements on net debt (148.2) 50.4
Net lease additions in the year (87.4) (34.0)
Net debt at 1 January (3,201.8) (1,456.4)
Acquired debt - (384.9)
Net debt (3,066.2) (3,201.8)
Financing and Leverage
Net debt decreased by £135.6m in the year to £3,066.2m (2024: £3,201.8m).
This was largely due to the Group generating positive funds flow in the year
despite £620.4m (2024: £676.4m) returned to shareholders. Favourable
movements in derivatives associated with borrowings also contributed to the
decrease, partially offset by adverse foreign exchange impacts on borrowings.
The Group retains significant available liquidity, with undrawn committed
financing facilities available to the Group of £970.5m (2024: £1,050.0m).
The Group-level liquidity at 31 December 2025 was £1,301.0m (2024:
£1,534.3m), when the undrawn committed financing facilities are combined with
£330.5m of cash (2024: £484.3m).
The average debt maturity on our drawn borrowings is currently 4.0 years
(2024: 3.4 years). There are no significant maturities until July 2026, when a
£450.0m EMTN is due to be repaid.
2025 2024
Net debt and committed facilities £m £m
Cash and cash equivalents (330.5) (484.3)
Bond borrowings 3,022.5 2,898.3
Bond borrowing fees (17.1) (16.4)
Bank borrowings 175.0 -
Bank borrowing fees (3.0) (3.8)
Acquired debt - 329.5
Derivative assets associated with borrowings (79.9) -
Derivative liabilities associated with borrowings 6.7 204.2
Loans received from joint ventures - 7.9
Net debt before leases 2,773.7 2,935.4
Lease liabilities 301.7 278.1
Finance lease receivables (9.2) (11.7)
Net debt 3,066.2 3,201.8
Borrowings (excluding derivatives, leases, fees & overdrafts) 3,197.5 3,227.8
Undrawn committed facilities (revolving credit facility) 970.5 1,050.0
Total committed facilities 4,168.0 4,277.8
The Informa leverage ratio at 31 December 2025 was 2.4 times (2024: 2.6
times), and the Informa interest cover ratio was 8.0 times (2024: 12.7 times).
Both are calculated using our historical basis of reporting of financial
covenants which no longer applied at 31 December 2025. See the Glossary of
terms for the definition of Informa leverage ratio and Informa interest cover.
The calculation of the Informa leverage ratio is as follows:
2025 2024
£m £m
Net debt 3,066.2 3,201.8
Adjusted EBITDA 1,272.6 1,107.4
Adjusted leverage 2.4x 2.9x
Adjustment to EBITDA(1) (0.2)x 0.1x
Adjustment to net debt(1) 0.2x (0.4)x
Informa leverage ratio 2.4x 2.6x
1. Refer to Glossary of terms for details of the adjustments
to EBITDA and net debt for Informa leverage ratio
The calculation of Informa interest cover is as follows:
2025 2024
£m £m
Adjusted EBITDA 1,272.6 1,107.4
Adjusted net finance costs 143.7 79.6
Adjusted interest cover 8.9x 13.9x
Adjustment to EBITDA(1) (0.9)x (1.2)x
Informa interest cover 8.0x 12.7x
1. Refer to Glossary of terms for details of the adjustments
to EBITDA for Informa interest cover
There are no financial covenants over any of the Group's borrowings (2024:
nil).
Corporate Development
Informa has a proven track record in creating value through identifying,
executing and integrating complementary businesses effectively into the Group.
In 2025, cash invested in acquisitions was £183.0m (2024: £1,577.2m). Of
this, £62.1m (2024: £1,450.5m) related to spend on acquisitions net of cash
acquired, £4.3m (2024: £8.2m) to cash paid for business assets, £113.3m
(2024: £97.2m) to acquisition and integration spend, £3.3m (2024: £14.6m)
to cash paid to acquire Tarsus non-controlling interests and £nil (2024:
£6.7m) to a further investment in the Group's interest in BolognaFiere.
Share Buyback
In the year ended 31 December 2025, £352.3m of shares (2024: £428.2m) were
repurchased, with 42.8m of shares cancelled (2024: 51.5m). Cumulatively, since
the programme started, £1,841.8m of shares had been repurchased with 260.4m
shares cancelled by 31 December 2025. The shares acquired during the year
ended 31 December 2025 were at an average price of 817p per share (2024: 831p
per share), with prices ranging from 634p to 990p (2024: 726p to 871p).
Pensions
The Group continues to meet all commitments to its pension schemes, which
include four (2024: five) defined benefit schemes, all of which are closed to
future accruals.
At 31 December 2025, the Group had a net pension surplus of £44.1m (2024:
£42.7m), comprising a pension surplus of £44.1m (2024: £48.5m) and pension
deficits of £nil (2024: £5.8m). Gross liabilities were £401.4m at 31
December 2025 (2024: £439.9m).
Consolidated Income Statement
For the year ended 31 December 2025
Adjusted Adjusting Statutory results Adjusted Adjusting Statutory
results items results items results
2025 2025 2025 2024 2024 2024
Notes £m £m £m £m £m £m
Revenue 3 4,041.4 - 4,041.4 3,553.1 - 3,553.1
Net operating expenses 5 (2,906.1) (515.3) (3,421.4) (2,560.9) (480.2) (3,041.1)
Impairment - goodwill 5 - (484.2) (484.2) - - -
Other operating income 5 - 1.4 1.4 - 29.5 29.5
Operating profit/(loss) before joint ventures and associates 1,135.3 (998.1) 137.2 992.2 (450.7) 541.5
Share of results of joint ventures and associates 4.5 - 4.5 2.8 (1.5) 1.3
Operating profit/(loss) 1,139.8 (998.1) 141.7 995.0 (452.2) 542.8
Fair value loss on investments - (57.6) (57.6) - (9.2) (9.2)
Loss on disposal of subsidiaries and operations - (2.1) (2.1) - (24.1) (24.1)
Finance income 7 15.1 - 15.1 12.9 - 12.9
Finance costs 8 (158.8) (2.6) (161.4) (92.5) (22.6) (115.1)
Profit/(loss) before tax 996.1 (1,060.4) (64.3) 915.4 (508.1) 407.3
Tax (charge)/credit 9 (204.2) 123.1 (81.1) (178.2) 137.3 (40.9)
Profit/(loss) for the year 791.9 (937.3) (145.4) 737.2 (370.8) 366.4
Attributable to:
- Equity holders of the company 10 728.6 (717.6) 11.0 673.3 (375.6) 297.7
- Non-controlling interests 63.3 (219.7) (156.4) 63.9 4.8 68.7
Earnings per share
- Basic (p) 10 56.0 0.8 50.4 22.3
- Diluted (p) 10 55.6 0.8 50.1 22.2
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2025
2025 2024
£m £m
(Loss)/profit for the year (145.4) 366.4
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension surplus (5.5) (1.0)
Total items that will not be reclassified subsequently to profit or loss (5.5) (1.0)
Items that may be reclassified subsequently to profit or loss:
Exchange (loss)/gain on translation of foreign operations (420.6) 94.6
Exchange loss arising on disposal of foreign operations - (17.3)
Exchange gain on the deconsolidation of former subsidiaries - 3.9
Net investment hedges:
Gain/(loss) on net investment hedges 167.2 (80.3)
Cash flow hedges:
Fair value gain/(loss) arising on hedging instruments 32.6 (49.3)
Less: (loss)/gain reclassified to profit or loss (77.8) 62.5
Movement in cost of hedging reserve 1.8 (1.2)
Tax charge relating to items that may be reclassified subsequently to profit (1.2) (4.4)
or loss
Total items that may be reclassified subsequently to profit or loss (298.0) 8.5
Other comprehensive (expense)/income for the year (303.5) 7.5
Total comprehensive (expense)/income for the year (448.9) 373.9
Total comprehensive (expense)/income attributable to:
- Equity holders of the company (261.9) 302.2
- Non-controlling interests (187.0) 71.7
(448.9) 373.9
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Share Share premium Translation reserve Other reserves Retained earnings Total(2) Non- controlling interests Total
capital(1) equity
£m £m £m £m £m £m £m £m
At 1 January 2024 1.4 1,878.6 (75.6) 2,090.6 2,853.5 6,748.5 436.1 7,184.6
Profit for the year - - - - 297.7 297.7 68.7 366.4
Exchange gain on translation of foreign operations - - 91.6 - - 91.6 3.0 94.6
(Loss)/gain arising on net investment and cash flow hedges - - (80.3) 12.0 - (68.3) - (68.3)
Foreign exchange recycling of disposed entities - - (17.3) - - (17.3) - (17.3)
Exchange gain on the deconsolidation of former subsidiaries - - 3.9 - - 3.9 - 3.9
Actuarial loss on defined benefit pension schemes - - - - (1.0) (1.0) - (1.0)
Tax relating to components of other comprehensive income - - (4.4) - - (4.4) - (4.4)
Total comprehensive (loss)/income for the year - - (6.5) 12.0 296.7 302.2 71.7 373.9
Dividends to shareholders - - - - (248.2) (248.2) - (248.2)
Dividends to non-controlling interests - - - - - - (31.4) (31.4)
Share award expense - - - 20.6 - 20.6 - 20.6
Issue of shares - - - 37.5 - 37.5 - 37.5
Shares for Trust purchase - - - (5.4) - (5.4) - (5.4)
Transfer of vested LTIPs - - - (12.9) 12.9 - - -
Share buyback(3) (0.1) - - 90.9 (424.2) (333.4) - (333.4)
Deconsolidation of former subsidiaries - - - - 8.3 8.3 (41.4) (33.1)
Transfer to realised profit(4) - - - (4.0) 4.0 - - -
Disposal of non-controlling interests - - - - (0.8) (0.8) (121.8) (122.6)
Acquisition of non-controlling interests - - - - (41.7) (41.7) 518.9 477.2
Transactions with non-controlling interests - - - (0.6) - (0.6) 2.2 1.6
Remeasurement of put call options - - - (1.8) - (1.8) - (1.8)
At 31 December 2024 1.3 1,878.6 (82.1) 2,226.9 2,460.5 6,485.2 834.3 7,319.5
1 See Note 16
2 Total attributable to equity holders of the company
3 £424.2m of shares have been bought back during the
period.
4 Relates to the IFRS 2 reserve for the Management
Incentive Plan (MIP) transferred to realised profit as part of the Curinos
disposal
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025 continued
Share Share Translation reserve Other reserves Retained earnings Total(2) Non- controlling interests Total
capital(1) premium equity
£m £m £m £m £m £m £m £m
At 31 December 2024 1.3 1,878.6 (82.1) 2,226.9 2,460.5 6,485.2 834.3 7,319.5
Profit/(loss) for the year - - - - 11.0 11.0 (156.4) (145.4)
Exchange loss on translation of foreign operations - - (390.0) - - (390.0) (30.6) (420.6)
Gain/(loss) arising on net investment and cash flow hedges - - 167.2 (43.4) - 123.8 - 123.8
Actuarial loss on defined benefit pension schemes - - - - (5.5) (5.5) - (5.5)
Tax relating to components of other comprehensive expense - - (1.2) - - (1.2) - (1.2)
Total comprehensive (loss)/ income for the year - - (224.0) (43.4) 5.5 (261.9) (187.0) (448.9)
Dividends to shareholders - - - - (268.1) (268.1) - (268.1)
Dividends to non-controlling interests - - - - - - (29.9) (29.9)
Share award expense - - - 40.0 - 40.0 - 40.0
Issue of shares - 0.6 - - - 0.6 - 0.6
Shares for Trust purchase - - - (6.3) - (6.3) - (6.3)
Transfer of vested LTIPs - - - (13.0) 13.0 - - -
Share buyback(3) - - - - (352.3) (352.3) - (352.3)
Transactions with non-controlling interests - - - - 13.6 13.6 (8.7) 4.9
Remeasurement of put call options - - - 0.4 - 0.4 - 0.4
At 31 December 2025 1.3 1,879.2 (306.1) 2,204.6 1,872.2 5,651.2 608.7 6,259.9
1 See Note 16
2 Total attributable to equity holders of the company
3 £352.3m of shares have been bought back during the
period
Consolidated Balance Sheet
As at 31 December 2025
At 31 December At 31 December
2024
2025
Notes £m £m
Non-current assets
Goodwill 12 7,053.4 7,787.0
Other intangible assets 3,366.0 3,810.9
Property and equipment 78.4 75.0
Right-of-use assets 237.0 209.4
Investments in joint ventures and associates 81.1 92.7
Other investments 118.6 186.5
Non-current tax assets 9 57.2 -
Deferred tax assets 71.7 85.7
Retirement benefit surplus 44.1 48.5
Finance lease receivables 6.0 8.8
Other receivables 42.3 51.2
Derivative financial instruments 72.7 -
11,228.5 12,355.7
Current assets
Inventory 44.1 43.0
Trade and other receivables 685.4 717.0
Current tax assets 9 25.9 25.9
Cash and cash equivalents 330.5 484.3
Investments - 61.8
Finance lease receivables 3.2 2.9
Derivative financial instruments 7.2 0.1
1,096.3 1,335.0
Total assets 12,324.8 13,690.7
Current liabilities
Borrowings 14 (449.8) (909.3)
Lease liabilities (49.5) (34.4)
Current tax liabilities 9 (113.0) (128.5)
Provisions (26.1) (26.8)
Contingent consideration and put call options (11.2) (31.4)
Trade and other payables (682.7) (687.9)
Deferred income (1,169.2) (1,166.6)
Derivative financial instruments (2.2) (76.4)
(2,503.7) (3,061.3)
Non-current liabilities
Borrowings 14 (2,727.6) (2,298.3)
Lease liabilities (252.2) (243.7)
Derivative financial instruments (4.5) (127.8)
Deferred tax liabilities 9 (527.7) (593.4)
Retirement benefit obligation - (5.8)
Provisions (14.5) (15.3)
Contingent consideration and put call options (19.2) (14.9)
Trade and other payables (15.5) (10.7)
(3,561.2) (3,309.9)
Total liabilities (6,064.9) (6,371.2)
Net assets 6,259.9 7,319.5
Share capital 16 1.3 1.3
Share premium 1,879.2 1,878.6
Translation reserve (306.1) (82.1)
Other reserves 2,204.6 2,226.9
Retained earnings 1,872.2 2,460.5
Equity attributable to equity holders of the Parent Company 5,651.2 6,485.2
Non-controlling interest 608.7 834.3
Total equity 6,259.9 7,319.5
Consolidated Cash Flow Statement
For the year ended 31 December 2025
2025 2024
Notes £m £m
Operating activities
Cash generated by operations 13 1,187.5 1,011.4
Income taxes paid (156.5) (122.3)
Interest paid (154.7) (87.5)
Net cash inflow from operating activities 876.3 801.6
Investing activities
Interest received 15.2 13.3
Dividends received from investments 3.4 1.4
Purchase of property and equipment (27.4) (30.6)
Purchase of intangible software assets (61.5) (51.2)
Product development costs additions (15.1) (18.2)
Purchase of intangibles related to titles, brands and customer relationships (4.3) (8.2)
Acquisition of subsidiaries and operations, net of cash acquired (62.1) (1,450.5)
Acquisition of other investments - (6.7)
Cash (outflow)/inflow from disposal of subsidiaries and operations (29.4) 199.2
Proceeds from sale of investments 62.2 -
Finance lease receipts 3.3 2.4
Net cash outflow from investing activities (115.7) (1,349.1)
Financing activities
Dividends paid to shareholders 11 (268.1) (248.2)
Dividends paid to non-controlling interests 11 (29.9) (31.0)
Repayment of borrowings 15 (1,608.0) (914.5)
Proceeds from borrowings 15 1,754.7 2,379.1
Repayment of borrowings acquired 15 (331.1) (59.2)
Borrowing fees paid 15 (6.2) (21.8)
(Repayment of)/proceeds from loans with other parties (7.5) 7.9
Acquisition of non-controlling interests (3.3) (14.6)
Repayment of principal lease liabilities 15 (46.1) (26.7)
Purchase of shares for share buyback 16 (352.3) (428.2)
Purchase of shares for Employee Share Trust (6.3) (5.4)
Net cash (outflow)/inflow from financing activities (904.1) 637.4
Net (decrease)/increase in cash and cash equivalents (143.5) 89.9
Effect of foreign exchange rate changes (10.3) 5.1
Cash and cash equivalents at beginning of the year 484.3 389.3
Cash and cash equivalents at end of the year 330.5 484.3
Notes to the Consolidated Financial Statements
For the year ended 31 December 2025
1. General information
Informa PLC (the company) is a company incorporated and domiciled in the
United Kingdom under the Companies Act 2006 and is listed on the London Stock
Exchange. The company is a public company limited by shares and is registered
in England and Wales with registration number 08860726. The address of the
registered office is 5 Howick Place, London, SW1P 1WG.
The Consolidated Financial Statements as at 31 December 2025 and for the year
then ended comprise those of the company, its subsidiaries and its interests
in joint ventures and associates (together referred to as the Group).
These Consolidated Financial Statements are presented in pounds sterling
(GBP), which is the currency of the primary economic environment in which the
Group operates and the functional currency of the Parent Company, Informa PLC.
2. Basis of Preparation
The financial information for the year ended 31 December 2025 does not
constitute the statutory financial statements for that year, but is derived
from those audited financial statements for the year ended 31 December 2025
which will be published on www.informa.com (http://www.informa.com) . While
the financial information in these Full Year Results has been prepared in
accordance with International Financial Reporting Standards (IFRS), these
results do not in isolation contain sufficient information to comply with
IFRS. Those financial statements have not yet been delivered to the Registrar
of Companies but include the auditor's report which was unqualified and did
not contain a statement under Section 498 (2) or (3) of the Companies Act
2006.
To complete the going concern assessment, the Directors have modelled a base
case with sensitivities and a reverse stress test for the period to June 2027.
In modelling the base case, the Directors have assumed Group financial
performance is consistent with the guidance given for 2026, followed by
similar growth in the first half of 2027.
The reverse stress test shows that the Group can afford to lose 42% of its
revenue from 1 April 2026 to the end of June 2027 and maintain positive
liquidity headroom. This extremely remote scenario assumes no action is taken
to deliver indirect cost savings, that existing customer receipts are refunded
for any cancelled or deferred events, and that no further receipts are
collected in the period.
Based on these results, the Directors believe the Group is well placed to
manage its financing and other business risks in a satisfactory way. The
Directors have been able to form a reasonable expectation that the Group has
adequate resources to continue in operation for at least 12 months from the
signing date of this Annual Report and Accounts and consider it appropriate to
adopt the going concern basis of accounting in preparing the Consolidated
Financial Statements.
The accounting policies, significant judgements and key sources of estimation
uncertainty adopted in the preparation of the financial information are
consistent with those applied by the Group in its Consolidated Financial
Statements for the year ended 31 December 2024, subject to new accounting
standards, and are disclosed in full in the audited financial statements for
the year ended 31 December 2025 which will be published on www.informa.com
(http://www.informa.com) .
3. Revenue
An analysis of the Group's revenue by type is set out below.
Year ended 31 December 2025
Informa Markets Informa Informa Festivals B2B Live Events Taylor & Francis Informa TechTarget
Connect Total
£m £m £m £m £m £m £m
Sponsorship and exhibitor 1,731.6 315.5 200.4 2,247.5 - 5.7 2,253.2
Subscriptions 38.7 55.8 35.5 130.0 384.2 59.1 573.3
Transactional sales 5.5 27.4 50.9 83.8 285.0 26.4 395.2
Attendee revenue 93.8 205.2 106.1 405.1 - 1.4 406.5
Marketing and lead generation 94.5 36.7 5.0 136.2 1.6 275.4 413.2
Total 1,964.1 640.6 397.9 3,002.6 670.8 368.0 4,041.4
Year ended 31 December 2024 (re-presented)
Revenue by type for the year ended 31 December 2024 has been re-presented.
Refer to Note 17 for further details.
Informa Markets Informa Informa Festivals B2B Live Events Taylor & Francis Informa TechTarget
Connect Total
£m £m £m £m £m £m £m
Sponsorship and exhibitor 1,518.3 271.2 107.5 1,897.0 - 6.6 1,903.6
Subscriptions 38.2 151.5 9.8 199.5 368.8 53.2 621.5
Transactional sales 6.0 44.3 5.0 55.3 327.6 27.1 410.0
Attendee revenue 79.0 196.0 73.2 348.2 - 1.1 349.3
Marketing and lead generation 96.4 38.0 3.1 137.5 1.8 129.4 268.7
Total 1,737.9 701.0 198.6 2,637.5 698.2 217.4 3,553.1
4. Business segments
The Group has identified reportable segments based on financial information
used by the Directors in allocating resources and making strategic decisions.
We consider the chief operating decision maker to be the Executive Directors.
As at 31 December 2025, the Group has five operating segments: Informa
Markets, Informa Connect, Informa Festivals, Taylor & Francis and Informa
TechTarget, the results of which are reported within three reportable
segments: B2B Live Events, Taylor & Francis and Informa TechTarget. The
results of the Group's segments are presented in this note, and the
re-presentation of segments in relation to prior reporting periods is
presented in Note 17.
Segment results
The Group's primary internal income statement performance measures are revenue
and adjusted operating profit. A reconciliation of adjusted operating profit
to statutory operating profit and profit before tax is provided below:
Year ended 31 December 2025
Notes B2B Live Taylor & Informa TechTarget Total
Events Francis
£m £m £m £m
Adjusted operating profit before joint ventures and associates(1) 853.0 245.7 36.6 1,135.3
Share of adjusted results of joint ventures and associates 4.5 - - 4.5
Adjusted operating profit 857.5 245.7 36.6 1,139.8
Intangible asset amortisation(2) 6 (264.0) (20.5) (58.0) (342.5)
Impairment - goodwill 6 - - (484.2) (484.2)
Impairment - acquisition-related and other intangible assets 6 (24.1) (7.9) (32.0)
-
Impairment - investment in joint ventures 6 (13.1) - - (13.1)
Impairment - right-of-use assets 6 (1.4) (0.1) (3.8) (5.3)
Acquisition costs 6 (7.1) (0.2) (2.8) (10.1)
Integration costs 6 (30.1) (0.9) (53.4) (84.4)
Restructuring and reorganisation (costs)/credits 6 (16.0) (8.7) (21.2)
3.5
Foreign exchange gain 6 2.3 0.5 0.3 3.1
Fair value gain on contingent consideration 6 1.4 - - 1.4
Fair value loss on contingent consideration 6 (9.1) - (0.7) (9.8)
Operating (profit/loss) 496.3 207.9 (562.5) 141.7
Fair value loss on investments 6 (57.6)
Loss on disposal of subsidiaries and operations 6 (2.1)
Finance income 7 15.1
Finance costs 8 (161.4)
Loss before tax (64.3)
1 Adjusted operating profit before joint ventures and
associates included the following amounts for depreciation and other
amortisation: £71.2m for B2B Live Events, £19.2m for Taylor & Francis
and £11.6m for Informa TechTarget
2 Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development
Year ended 31 December 2024 (re-presented)
The business segment results for the year ended 31 December 2024 have been
re-presented. Refer to Note 17 for further details.
B2B Live Taylor & Informa TechTarget Total
Notes Events Francis
£m £m £m £m
Adjusted operating profit before joint ventures and associates(1) 715.1 255.7 21.4 992.2
Share of adjusted results of joint ventures and associates 2.8 - - 2.8
Adjusted operating profit 717.9 255.7 21.4 995.0
Intangible asset amortisation(2) 6 (251.3) (31.7) (26.6) (309.6)
Impairment - acquisition-related and other intangible assets 6 (11.6) (16.2) (0.7) (28.5)
Impairment - right-of-use assets 6 (2.2) (0.3) (2.5) (5.0)
Acquisition costs 6 (32.4) (1.5) (32.1) (66.0)
Integration costs 6 (24.0) (1.0) (17.2) (42.2)
Restructuring and reorganisation costs 6 (10.9) (2.5) (0.7) (14.1)
Fair value gain on contingent consideration 6 10.8 - 18.7 29.5
Fair value loss on contingent consideration 6 (16.3) - - (16.3)
Operating profit/(loss) 380.0 202.5 (39.7) 542.8
Fair value loss on investments 6 (9.2)
Loss on disposal of subsidiaries and operations 6 (24.1)
Finance income 7 12.9
Finance costs 8 (115.1)
Profit before tax 407.3
1 Adjusted operating profit before joint ventures and
associates included the following amounts for depreciation and other
amortisation: £61.9m for B2B Live Events, £21.5m for Taylor & Francis
and £7.3m for Informa TechTarget
2 Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development
5. Net operating expenses and other operating income
Operating profit has been arrived at after charging/(crediting):
Adjusted results Adjusting items Statutory results Adjusted results Adjusting items Statutory results
2025 2025 2025 2024 2024 2024
Notes £m £m £m £m £m £m
Cost of sales (excluding staff costs, depreciation and adjusting items) 1,425.5 - 1,425.5 1,220.9 - 1,220.9
Staff costs 1,085.3 - 1,085.3 984.0 - 984.0
Auditor's remuneration for audit services 9.2 - 9.2 10.1 - 10.1
Intangible asset amortisation 6 37.6 342.5 380.1 46.1 309.6 355.7
Depreciation - property and equipment 21.2 - 21.2 17.5 - 17.5
Depreciation - right-of-use assets 43.2 - 43.2 27.1 - 27.1
Impairment - goodwill 12 - 484.2 484.2 - - -
Impairment - acquisition-related and other intangible assets 6 - 32.0 32.0 - 28.5 28.5
Impairment - investment in joint ventures 6 - 13.1 13.1 - - -
Impairment - right-of-use assets 6 - 5.3 5.3 - 5.0 5.0
Acquisition costs 6 - 10.1 10.1 - 66.0 66.0
Integration costs 6 - 84.4 84.4 - 40.7 40.7
Restructuring and reorganisation costs 6 - 21.2 21.2 - 14.1 14.1
Net foreign exchange loss/(gain) 6 1.1 (3.1) (2.0) 5.5 - 5.5
Fair value gain on contingent consideration 6 - (1.4) (1.4) - (29.5) (29.5)
Fair value loss on contingent consideration 6 - 9.8 9.8 - 16.3 16.3
Other operating expenses 283.0 - 283.0 249.7 - 249.7
Total net operating expenses and other operating income before share of joint 2,906.1 998.1 3,904.2 2,560.9 450.7 3,011.6
ventures and associates
6. Adjusting items
The Board considers certain items should be recognised as adjusting items (see
Glossary of terms: alternative performance measures on page 39) since, due to
their size, nature or infrequency, such presentation is relevant to an
understanding of the Group's performance. These items do not relate to the
Group's underlying trading and are adjusted to facilitate a comparative
understanding of the Group's adjusted operating profit measure.
The following charges/(credits) are presented as adjusting items:
2025 2024
Notes £m £m
Intangible asset amortisation(1) 342.5 309.6
Impairment - goodwill 12 484.2 -
Impairment - acquisition-related and other intangible assets 32.0 28.5
Impairment - investment in joint ventures 13.1 -
Impairment - right-of-use assets 5.3 5.0
Acquisition costs 10.1 66.0
Integration costs 84.4 42.2
Restructuring and reorganisation costs 21.2 14.1
Foreign exchange gain (3.1) -
Fair value gain on contingent consideration (1.4) (29.5)
Fair value loss on contingent consideration 9.8 16.3
Adjusting items in operating profit or loss(2) 998.1 452.2
Fair value loss on investments 57.6 9.2
Loss on disposal of subsidiaries and operations 2.1 24.1
Finance costs 8 2.6 22.6
Adjusting items in profit/(loss) before tax 1,060.4 508.1
Tax credit related to adjusting items 9 (123.1) (137.3)
Adjusting items in profit/(loss) for the year 937.3 370.8
1. Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development of £37.6m (2024: £46.1m)
2. Includes £nil (2024: £1.5m) relating to joint ventures and
associates
Further descriptions of the above adjusting items:
● Intangible asset amortisation is the amortisation charged in
respect of intangible assets, including product development, acquired through
business combinations or the acquisition of trade and assets. The charge is
not considered to be related to the underlying performance of the Group and
can fluctuate materially period-on-period as and when new businesses are
acquired or disposed. Revenue and results from the related business
combinations have been included within the adjusted results.
● Impairment of goodwill is the impairment charge arising as a
result of the Group's review of the carrying value of goodwill on the Group's
balance sheet. The impairment review is performed at least annually, or more
frequently where an indicator exists. The impairment charge recognised in the
twelve months to 31 December 2025 relates to the Informa TechTarget group of
CGUs.
● Impairment of acquisition-related and other intangible assets is
the impairment charged as a result of the impairment test performed annually,
or more frequently when an indicator of impairment exists.
● Impairment of investment in joint ventures is the impairment
charge relating to the carrying value of a joint venture.
● Impairment of right-of-use assets is the impairment charged as a
result of an impairment indicator.
● Acquisition and integration costs are costs incurred in
acquiring and integrating share and asset acquisitions as part of M&A
activity.
● Restructuring and reorganisation costs are charges incurred by
the Group in business restructuring, operating model changes and non-recurring
legal costs. These costs relate to specific initiatives following reviews of
our organisational operations.
● Foreign exchange gain relates to the recognition of derivative
contracts entered into alongside the 2031 Euro Medium Term Note (EMTN)
issuance and the recycling of the accumulated balance in the cash flow hedge
reserve relating to the EMTN settled in October 2025.
● Fair value (gains)/losses on contingent consideration arise as a
result of acquisitions. The fair value remeasurement is recognised in the
period as charges or credits to the Consolidated Income Statement, unless
these qualify as measurement period adjustments arising within one year from
the acquisition date.
● Fair value loss on investments is the loss as a result of a
decrease in the fair value of investments held.
● Loss on disposal of subsidiaries and operations relates to
disposals in the current period or subsequent costs relating to prior period
disposals.
● Finance costs relate to charges incurred specifically as part of
M&A activity. In 2025 this relates to the remeasurement,
and subsequent settlement, of convertible notes which were acquired through
a share acquisition. For 2024 this related to the financing arrangement of a
share acquisition.
● The tax items relate to the tax effect on the items above and
adjusting tax items which are analysed in Note 9.
7. Finance income
2025 2024
£m £m
Interest income on bank deposits 14.3 12.1
Interest income from finance lessor leases 0.3 0.4
Fair value gain on financial instruments 0.5 0.4
Total finance income 15.1 12.9
8. Finance costs
2025 2024
Notes £m £m
Interest expense on borrowings and loans(1) 142.8 79.4
Interest on lease liabilities 16.1 13.3
Interest income on pension scheme net surplus (2.3) (1.9)
Total interest expense 156.6 90.8
Other 2.2 1.7
Financing costs before adjusting items 158.8 92.5
Adjusting items(2) 6 2.6 22.6
Total finance costs 161.4 115.1
1. Included in interest expense above is the amortisation of
debt issue costs of £4.2m (2024: £2.8m)
2. The adjusting items for finance costs in 2025 relate to a
fair value adjustment arising on convertible loan notes acquired as part of
the TechTarget acquisition. The adjusting items for finance costs in 2024
relates to fair value losses on derivative contracts executed in expectation
of the October 2024 EMTN issuance and fees on the Ascential acquisition bridge
facility
9. Taxation
The tax charge comprises:
2025 2024
£m £m
Current tax:
Current year
UK 29.1 24.0
Continental Europe 42.1 28.7
US 8.8 71.6
China 36.9 35.4
Rest of world 52.2 32.5
Prior years (45.1) 30.5
Total current tax 124.0 222.7
Deferred tax:
Current year (62.5) (105.6)
Prior years 14.1 (79.0)
Charge arising from tax rate changes 5.5 2.8
Total deferred tax (42.9) (181.8)
Total tax charge 81.1 40.9
The tax on adjusting items within the Consolidated Income Statement relates to
the following:
Gross 2025 Tax Gross Tax
2025 2024 2024
Notes £m £m £m £m
Intangible asset amortisation 6 (342.5) 77.9 (309.6) 72.6
Benefit of goodwill amortisation for tax purposes only - (17.1) - (16.0)
Impairment - goodwill 6 (484.2) 12.2 - -
Impairment - acquisition-related and other intangible assets 6 (32.0) 7.7 (28.5) 7.1
Impairment - investment in joint ventures 6 (13.1) - - -
Impairment - right-of-use assets 6 (5.3) 1.3 (5.0) 1.3
Acquisition and integration-related costs 6 (94.5) 42.9 (108.2) 9.9
Restructuring and reorganisation costs 6 (21.2) 5.0 (14.1) 3.3
Foreign exchange gain 6 3.1 (1.3) - -
Fair value gain on contingent consideration 6 1.4 - 29.5 -
Fair value loss on contingent consideration 6 (9.8) - (16.3) -
Fair value loss on investments 6 (57.6) 5.1 (9.2) (0.1)
Loss on disposal of subsidiaries and operations 6 (2.1) - (24.1) (28.1)
Finance costs 6 (2.6) 0.7 (22.6) 1.7
Movement in deferred tax asset on Luxembourg losses - (8.9) - 66.9
Adjustments for prior years - (2.4) - 18.7
Total tax on adjusting items (1,060.4) 123.1 (508.1) 137.3
The current and deferred tax charges are calculated on the estimated
assessable profit for the year. Taxation is calculated in each jurisdiction
based on the prevailing rates of that jurisdiction. A reconciliation of the
actual tax expense to the expected tax expense at the applicable statutory
rate is shown below:
2025 2024
£m % £m %
(Loss)/profit before tax (64.3) 407.3
Tax charge at effective UK statutory rate of 25% (2024: 25%) (16.1) 25.0 101.8 25.0
Different tax rates on overseas profits 4.4 (6.8) 0.1 -
Disposal-related items(1) 0.5 (0.8) 34.3 8.4
Acquisition-related items (23.7) 36.9 16.9 4.1
Non-deductible expenditure(2) 145.0 (225.5) 22.9 5.6
Non-taxable income(3) (4.6) 7.2 (9.9) (2.4)
Tax incentives (3.8) 5.9 (3.5) (0.9)
Adjustments for prior years(4) (31.0) 48.2 (48.5) (11.9)
Net movement in provisions for uncertain tax positions(5) 7.7 (12.0) (2.6) (0.6)
Impact of changes in tax rates 5.5 (8.6) 2.8 0.7
Change in recoverability of deferred tax assets(6) (13.5) 21.0 (66.9) (16.4)
Movements in other deferred tax not recognised 10.7 (16.6) (6.5) (1.6)
Tax charge and effective rate for the year 81.1 (126.1) 40.9 10.0
1 Disposal-related items relate to the difference
between a loss for accounting and a gain for tax purposes on the disposal of
subsidiaries and operations
2 Non-deductible expenditure in 2025 predominantly
relates to the impairment charge in relation to the Informa TechTarget group
of CGUs
3 Non-taxable income includes income in relation to the
remeasurement of contingent consideration
4 Adjustments for prior years incorporate refinements to
tax computations made on submission or resubmission and agreement with tax
authorities
5 The net movement in provisions for uncertain tax
positions reflects management's reassessment of the provisions required in
relation to historical tax exposures
6 In 2024 additional deferred tax was recognised in
relation to Luxembourg losses as, based on the Group's forecasts, it was
expected that there would be taxable profits against which they could be
utilised
10. Earnings per share
Basic EPS
The basic earnings per share (EPS) calculation is based on the profit/(loss)
attributable to the equity holders of the Parent Company divided by the
weighted average number of shares in issue less those shares held by the
Employee Share Trust and ShareMatch.
Diluted EPS
The diluted EPS calculation is based on the basic EPS calculation above,
except that the weighted average number of shares includes all potentially
dilutive options granted by the reporting date as if those options had been
exercised on the first day of the accounting period or the date of the grant,
if later.
Weighted average number of shares
The table below sets out the weighted average number of shares used in the
calculation of basic and diluted EPS.
2025 2024
Weighted average number of shares used in basic and adjusted basic EPS 1,300,708,559 1,335,773,495
Effect of dilutive potential ordinary shares 9,332,861 8,218,817
Weighted average number of shares used in diluted and adjusted diluted EPS 1,310,041,420 1,343,992,312
Statutory EPS
Earnings 2025 Per share amount 2025 Earnings Per share amount 2024
2024
£m Pence £m Pence
(Loss)/profit for the year (145.4) 366.4
Non-controlling interests 156.4 (68.7)
Earnings and EPS for the purpose of statutory basic EPS 11.0 0.8 297.7 22.3
Effect of dilutive potential ordinary shares - - - (0.1)
Earnings and EPS for the purpose of statutory diluted EPS 11.0 0.8 297.7 22.2
Adjusted EPS
In addition to basic EPS, adjusted diluted EPS has been calculated to provide
useful additional information on underlying earnings performance. Adjusted
diluted EPS is based on profit attributable to equity holders which has been
adjusted to exclude items that, in the opinion of the Directors, would distort
underlying results (see Note 6).
Earnings 2025 Per share amount 2025 Earnings 2024 Per share amount 2024
£m Pence £m Pence
Earnings and EPS for the purpose of statutory basic EPS 11.0 0.8 297.7 22.3
Intangible asset amortisation 342.5 26.3 309.6 23.2
Impairment - goodwill 484.2 37.2 - -
Impairment - acquisition-related and other intangible assets 32.0 2.5 28.5 2.1
Impairment - investment in joint ventures 13.1 1.0 - -
Impairment - right-of-use assets 5.3 0.4 5.0 0.3
Acquisition costs 10.1 0.8 66.0 4.9
Integration costs 84.4 6.5 42.2 3.2
Restructuring and reorganisation costs 21.2 1.6 14.1 1.1
Foreign exchange gain (3.1) (0.2) - -
Fair value gain on contingent consideration (1.4) (0.1) (29.5) (2.2)
Fair value loss on contingent consideration 9.8 0.8 16.3 1.2
Fair value loss on investments 57.6 4.4 9.2 0.7
Loss on disposal of subsidiaries and operations 2.1 0.2 24.1 1.8
Finance costs 2.6 0.2 22.6 1.7
Tax related to adjusting items (123.1) (9.5) (137.3) (10.3)
Non-controlling interest adjusting items (219.7) (16.9) 4.8 0.4
Earnings and EPS for the purpose of adjusted basic EPS 728.6 56.0 673.3 50.4
Effect of dilutive potential ordinary shares - (0.4) - (0.3)
Earnings and EPS for the purpose of adjusted diluted EPS 728.6 55.6 673.3 50.1
11. Dividends
2025 2025 2024 2024
Pence per share Pence per share
£m £m
Amounts recognised as distributions to equity holders in the year:
Interim dividend for the year ended 31 December 2024 - - 6.4 84.6
Final dividend for the year ended 31 December 2024 - - 13.6 177.4
Interim dividend for the year ended 31 December 2025 7.0 90.7 - -
Proposed final dividend for the year ended 31 December 2025 15.0 193.1 - -
Total dividend for the year 22.0 283.8 20.0 262.0
At 31 December 2025, unpaid dividends from prior periods amounted to £0.4m
(2024: £0.3m). Total dividend payments during the year were £268.1m (2024:
£248.2m). The proposed final dividend for the year ended 31 December 2025 of
15.0p (2024: 13.6p) per share is subject to approval of shareholders at the
Annual General Meeting and has not been included as a liability in these
Consolidated Financial Statements. The payment of this dividend will not have
any tax consequences for the Group.
In the year ended 31 December 2025 there were dividend payments of £29.9m
(2024: £31.0m) to non-controlling interests.
12. Goodwill
£m
Cost
At 1 January 2024 7,281.6
Additions in the year 1,381.3
Disposals (228.8)
Deconsolidation of former subsidiaries (37.6)
Exchange differences 32.6
At 31 December 2024 8,429.1
Additions in the year 32.5
Exchange differences (296.9)
At 31 December 2025 8,164.7
Accumulated impairment losses
At 1 January 2024 (651.8)
Exchange differences 9.7
At 31 December 2024 (642.1)
Charge in the period (484.2)
Exchange differences 15.0
At 31 December 2025 (1,111.3)
Carrying amount
At 31 December 2025 7,053.4
At 31 December 2024 7,787.0
13. Notes to the Consolidated Cash Flow Statement
2025 2024
Notes £m £m
(Loss)/profit before tax (64.3) 407.3
Adjustments for:
Intangible asset amortisation 380.1 355.7
Depreciation of property and equipment 21.2 17.5
Depreciation of right-of-use assets 43.2 27.1
Impairment - goodwill 6 484.2 -
Impairment - acquisition-related and other intangible assets 6 32.0 28.5
Impairment - investment in joint ventures 6 13.1 -
Impairment - right-of-use assets 6 5.3 5.0
Fair value gain on contingent consideration 6 (1.4) (29.5)
Fair value loss on contingent consideration 6 9.8 16.3
Fair value loss on investments 6 57.6 9.2
Loss on disposal of subsidiaries and operations 6 2.1 24.1
Share-based payments 42.5 22.2
(Gain)/loss on lease modifications (3.7) 1.3
Loss on disposal of property, equipment and software - 0.1
Finance income 7 (15.1) (12.9)
Finance costs 8 161.4 115.1
Share of adjusted results of joint ventures and associates (4.5) (2.8)
Net exchange differences - 0.9
Operating cash inflow before movements in working capital 1,163.5 985.1
Increase in inventories (2.2) (6.8)
Increase in receivables (64.0) (174.4)
Increase in payables 83.6 208.6
Movements in working capital 17.4 27.4
Pension receipt from escrow 13.1 -
Pension deficit recovery contributions (6.5) (1.1)
Cash generated by operations 1,187.5 1,011.4
14. Borrowings
Total borrowings, excluding derivative assets and liabilities associated with
borrowings, are as follows:
2025 2024
£m £m
Current
Convertible notes - 329.5
Bank borrowings - 329.5
Euro Medium Term Note (€700.0m) - due October 2025 - 580.6
Euro Medium Term Note (£450.0m) - due July 2026 450.0 -
Euro Medium Term Note issue costs (0.2) (0.8)
Euro Medium Term Note borrowings 449.8 579.8
Total current borrowings 449.8 909.3
Non-current
Bank borrowings - revolving credit facility 175.0 -
Bank borrowings issue costs (3.0) (3.8)
Bank borrowings 172.0 (3.8)
Euro Medium Term Note (£450.0m) - due July 2026 - 450.0
Euro Medium Term Note (€600.0m) - due October 2027 524.0 497.6
Euro Medium Term Note (€500.0m) - due April 2028 436.6 414.7
Euro Medium Term Note (€650.0m) - due October 2030 564.0 540.7
Euro Medium Term Note (€700.0m) - due June 2031 611.3 -
Euro Medium Term Note (€500.0m) - due October 2034 436.6 414.7
Euro Medium Term Note issue costs (16.9) (15.6)
Euro Medium Term Note borrowings 2,555.6 2,302.1
Total non-current borrowings 2,727.6 2,298.3
Total borrowings 3,177.4 3,207.6
The Group does not have any of its property and equipment and other intangible
assets pledged as security over its Group-level loans. The Group's borrowings
do not have any financial covenants.
Convertible notes were acquired as part of the TechTarget acquisition on 2
December 2024. The Group repurchased the notes for cash on 24 January 2025 at
a purchase price equal to 100% of the aggregate principal amount, plus accrued
and unpaid interest.
On 9 June 2025, the Group issued a 6-year fixed term Euro Medium Term Note of
€697.2m (notional value €700.0m). The Group repaid a 5-year fixed term
Euro Medium Term Note of €700.0m upon maturity on 6 October 2025.
The average debt maturity on the Group's drawn borrowings is currently 4.0
years (2024: 3.4 years). The effective interest rate on total borrowings for
the year ended 31 December 2025 was 4.2% (2024: 3.7%).
The Group maintains the following lines of credit:
● £1,145.5m (2024: £1,050.0m) non-current revolving credit
facility, of which £175.0m (2024: £nil) was drawn down at 31 December 2025.
Interest is payable at SONIA or SOFR plus a margin
● £39.1m (2024: £41.0m) comprising a number of bilateral
uncommitted bank facilities that can be drawn to meet short-term financing
needs, of which £10.1m (2024: £0.2m) was drawn at 31 December 2025. These
facilities consist of £10.0m (2024: £10.0m), USD 22.8m (2024: USD 22.8m),
AUD 1.0m (2024: AUD 1.0m), CAD 2.0m (2024: CAD 2.0m) and SGD 1.0m (2024: SGD
1.0m), JPY 20.0m (2024: JPY 20.0m), BHD 0.3m (2024: BHD 0.3m), AED 30.0m
(2024: AED 30.0m), INR 360.0m (2024: INR 360.0m) and ZAR 3.0m (2024: ZAR nil).
Interest is payable at the local base rate plus a margin
● Four bank guarantee facilities comprising up to USD 10.0m (2024:
USD 10.0m), €0.9m (2024: €0.9m), £14.0m (2024: £14.0m) and INR 25.0m
(2024: INR 25.0m)
15. Movements in net debt
At 1 Non-cash movements Cash flow Exchange movements At 31 December 2025
January 2025
£m £m £m £m £m
Cash and cash equivalents 484.3 - (143.5) (10.3) 330.5
Other financing assets
Derivative assets associated with borrowings due in more than one year - 72.7 - - 72.7
Derivative assets associated with borrowings due in less than one year - 7.2 - - 7.2
Finance lease receivables 11.7 0.5 (3.3) 0.3 9.2
Total other financing assets 11.7 80.4 (3.3) 0.3 89.1
Other financing liabilities
Bond borrowings due in more than one year (2,317.7) 455.3 (588.4) (121.7) (2,572.5)
Bond borrowings due in less than one year (580.6) (450.0) 616.7 (36.1) (450.0)
Bond borrowing fees 16.4 (5.5) 6.2 - 17.1
Bank loans due in more than one year(1) - - (175.0) - (175.0)
Bank loan fees due in more than one year 3.8 (0.8) - - 3.0
Acquired debt (329.5) (2.6) 331.1 1.0 -
Derivative liabilities associated with borrowings due in less than one year (76.4) 74.2 - - (2.2)
Derivative liabilities associated with borrowings due in more than one year (127.8) 123.3 - - (4.5)
Lease liabilities (278.1) (87.9) 46.1 18.2 (301.7)
Loans received from other parties(2) (7.9) - 7.5 0.4 -
Total other financing liabilities (3,697.8) 106.0 244.2 (138.2) (3,485.8)
Total net financing liabilities (3,686.1) 186.4 240.9 (137.9) (3,396.7)
Net debt (3,201.8) 186.4 97.4 (148.2) (3,066.2)
1 Bank loans include the non-current revolving credit
facility, of which £1,166.3m was drawdown and £991.3m was repaid during the
year
2 Loans received from other parties are included within
current other payables
16. Share capital
Share capital as at 31 December 2025 amounted to £1.3m (2024: £1.3m).
2025 2024
£m £m
Issued, authorised and fully paid
1,287,469,671 (2024: 1,330,244,733) ordinary shares of 0.1p each 1.3 1.3
2025 2024
Number of shares Number of shares
At 1 January 1,330,244,733 1,368,029,699
Issue of new shares to Employee Share Trust - 8,860,000
Issue of shares 71,437 4,397,622
Share buyback (42,846,499) (51,042,588)
At 31 December 1,287,469,671 1,330,244,733
The Group issued 71,437 new ordinary shares of 0.1p each on 3 February 2025 as
consideration for the acquisition of TM Events S.à.r.l., parent company of
the Top Marques brand.
During 2025, the Group bought back 42,846,499 ordinary shares (2024:
51,042,588) at the nominal value of 0.1p for a total consideration of £352.3m
(2024: £424.2m) and cancelled 42,846,499 ordinary shares (2024: 51,554,769)
including nil (2024: 512,181) shares that had been bought in the prior year
and settled and cancelled in 2025 for consideration of £nil (2024: £4.0m).
17. Segmental re-presentation
As at 31 December 2025, following the re-organisation of the Group which was
effective as of 1 January 2025, under IFRS 8 Operating Segments, the Group has
five operating segments: Informa Markets, Informa Connect, Informa Festivals,
Taylor & Francis and Informa TechTarget, the results of which are reported
within three reportable segments: B2B Live Events, Taylor & Francis and
Informa TechTarget.
The following changes have taken place in the Group's segmental reporting
since the year ended 31 December 2024:
● Reporting of Informa Festivals as an operating segment following
the acquisition of Ascential in 2024, the reallocation of tech-related B2B
events from the previously reported Informa Tech segment and the transfer of
certain events from the Informa Markets and Informa Connect operating segments
to the Informa Festivals operating segment. The results of Ascential were
reported within Other for the year ended 31 December 2024
● Reallocation of tech-related B2B events, outside of those
allocated to the Informa Festivals operating segment, from the previously
reported Informa Tech operating segment to the Informa Markets and Informa
Connect operating segments
● Re-presentation of the digital marketing business from the
previously reported Informa Tech segment to the Informa TechTarget segment,
and the inclusion of TechTarget's results following the acquisition of
TechTarget in 2024. The results of TechTarget were reported within Other for
the year ended 31 December 2024
● Transfer of the HIMSS business from the Informa Markets
operating segment to the Informa Connect operating segment
● Aggregation of the Informa Markets, Informa Connect and Informa
Festivals operating segments into the B2B Live Events reportable segment. The
Group has aggregated these operating segments based on their similar economic
characteristics, together with the nature of services provided and markets
served, which management has determined meet the criteria for aggregation
under IFRS 8 Operating Segments
No changes have been made to the Taylor & Francis segment.
The tables below provide a reconciliation between the Group's previous and
current segmental reporting for the year ended 31 December 2024. The segments
and revenue by type results disclosed in Note 4 and Note 5 have been
re-presented to reflect these changes in segments.
Segment revenue by type for the year ended 31 December 2024
As previously reported
Informa Markets Re-presentation(1) Informa Markets
£m £m £m
Exhibitor and related services 1,392.4
Sponsorship revenue 102.7
Sponsorship and exhibitor 1,495.1 23.2 1,518.3
Subscriptions 38.2 - 38.2
Transactional sales 6.0 - 6.0
Attendee revenue 88.6 (9.6) 79.0
Marketing and lead generation 95.1 1.3 96.4
Total 1,723.0 14.9 1,737.9
1 Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment to
Informa Markets, the transfer of the HIMSS business from Informa Markets to
Informa Connect, and the transfer of certain events from Informa Markets to
Informa Festivals
As previously reported
Informa Connect Re-presentation(1) Informa Connect
£m £m £m
Exhibitor and related services 132.7
Sponsorship revenue 86.3
Sponsorship and exhibitor 219.0 52.2 271.2
Subscriptions 150.9 0.6 151.5
Transactional sales 43.3 1.0 44.3
Attendee revenue 179.3 16.7 196.0
Marketing and lead generation 38.5 (0.5) 38.0
Total 631.0 70.0 701.0
1 Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment to
Informa Connect, the transfer of the HIMSS business from Informa Markets to
Informa Connect, and the transfer of certain events from Informa Connect to
Informa Festivals
As previously reported
Other Re-presentation(1) Informa Festivals
£m £m £m
Exhibitor and related services 9.5
Sponsorship revenue 8.0
Sponsorship and exhibitor 17.5 90.0 107.5
Subscriptions 9.5 0.3 9.8
Transactional sales 19.3 (14.3) 5.0
Attendee revenue 30.7 42.5 73.2
Marketing and lead generation - 3.1 3.1
Total 77.0 121.6 198.6
1 Re-presentation reflects the reallocation of certain
tech-related B2B events from the previously reported Informa Tech segment to
Informa Festivals, the transfer of certain events from Informa Markets and
Informa Connect to Informa Festivals, and the exclusion of the results of
TechTarget, which was acquired in December 2024 and reported within Other for
the year ended 31 December 2024
As previously reported
Informa Tech Re-presentation(1) Informa TechTarget
£m £m £m
Exhibitor and related services 98.6
Sponsorship revenue 73.4
Sponsorship and exhibitor 172.0 (165.4) 6.6
Subscriptions 54.1 (0.9) 53.2
Transactional sales(2) 28.1 (1.0) 27.1
Attendee revenue(2) 55.6 (54.5) 1.1
Marketing and lead generation(2) 114.1 15.3 129.4
Total 423.9 (206.5) 217.4
1 Re-presentation reflects the reallocation of
tech-related B2B events from the previously reported Informa Tech segment to
Informa Markets, Informa Connect and Informa Festivals, and the inclusion of
the results of TechTarget, which was acquired in December 2024 and reported
within Other for the year ended 31 December 2024
2 We have further restated revenue between transactional
sales (£14.3m), attendee revenue (£4.9m) and marketing and lead generation
£19.2m
Segment results for the year ended 31 December 2024
As previously reported
Informa Markets, Informa Connect and Other(1) Re-presentation(2) B2B Live Events
£m £m £m
Adjusted operating profit before joint ventures and associates 654.3 60.8 715.1
Share of adjusted results of joint ventures and associates 2.8 - 2.8
Adjusted operating profit 657.1 60.8 717.9
Intangible asset amortisation(3) (240.8) (10.5) (251.3)
Impairment - acquisition-related and other intangible assets (11.4) (0.2) (11.6)
Impairment - right-of-use assets (3.2) 1.0 (2.2)
Acquisition costs (63.8) 31.4 (32.4)
Integration costs (24.2) 0.2 (24.0)
Restructuring and reorganisation costs (10.2) (0.7) (10.9)
Fair value gain on contingent consideration 10.8 - 10.8
Fair value loss on contingent consideration (16.3) - (16.3)
Operating profit 298.0 82.0 380.0
1 Other comprised the results of Ascential and TechTarget
for the year ended 31 December 2024
2 Re-presentation reflects the reallocation of tech-related
B2B events from the previously reported Informa Tech segment into the B2B Live
Events segment, and the exclusion of the results of TechTarget, which were
previously reported in Other for the year ended 31 December 2024
3 Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development
As previously reported
Informa Tech Re-presentation(1) Informa TechTarget
£m £m £m
Adjusted operating profit/(loss) before joint ventures and associates 82.2 (60.8) 21.4
Share of adjusted results of joint ventures and associates - - -
Adjusted operating profit/(loss) 82.2 (60.8) 21.4
Intangible asset amortisation(2) (37.1) 10.5 (26.6)
Impairment - acquisition-related and other intangible assets (0.9) 0.2 (0.7)
Impairment - right-of-use assets (1.5) (1.0) (2.5)
Acquisition costs (0.7) (31.4) (32.1)
Integration costs (17.0) (0.2) (17.2)
Restructuring and reorganisation (costs)/credit (1.4) 0.7 (0.7)
Fair value gain on contingent consideration 18.7 - 18.7
Operating profit/(loss) 42.3 (82.0) (39.7)
1. Re-presentation reflects the reallocation of
tech-related B2B events from the previously reported Informa Tech segment into
the B2B Live Events segment, and the inclusion of the results of TechTarget,
which were previously reported in Other for the year ended 31 December 2024
2. Intangible asset amortisation is in respect of acquired
intangibles and excludes amortisation of software and non-acquired product
development
18. Post balance sheet events
On 19 January 2026, the Group completed its partnership with the Dubai World
Trade Centre (DWTC), to launch a new operating business, inD. This business
combines Informa's wholly owned B2B Live Events business in the IMEA region
(India, Middle East and Africa) with DWTC's Dubai-based B2B Live Events
business to accelerate growth across the United Arab Emirates and
internationally. Informa owns a 52% equity stake in inD, which will be fully
consolidated and reported within the Informa Group. A provisional fair value
exercise will be completed in the first half of the year ending 31 December
2026.
Glossary of Terms: Alternative Performance Measures
The Group provides adjusted results and underlying measures in addition to
statutory measures, in order to provide additional useful information on
business performance trends to shareholders. The Board considers these
non-GAAP measures to be a useful and alternative way to measure the Group's
performance in a way that is comparable to the prior year.
The terms 'adjusted' and 'underlying' are not defined terms under IFRS and may
not therefore be comparable with similarly titled measurements reported by
other companies. These measures are not intended to be a substitute for, or
superior to, IFRS measurements. The Financial Review provides reconciliations
of alternative performance measures (APMs) to statutory measures and also
provides the basis of calculation for certain APM metrics. These APMs are
provided on a consistent basis with the prior year.
Adjusted results and adjusting items
Adjusted results exclude items that are commonly excluded across the media
sector: amortisation and impairment of goodwill and intangible assets relating
to businesses acquired and other intangible asset purchases of book lists,
journal titles, acquired databases and brands related to exhibitions and
conferences, acquisition and integration costs, profit or loss on disposal of
businesses, restructuring costs and other items that in the opinion of the
Directors would impact the comparability of underlying results. Adjusting
items are detailed in Note 6 to the Consolidated Financial Statements.
Adjusted results are prepared for the following measures which are provided in
the Consolidated Income Statement on page 15: adjusted operating profit,
adjusted net finance costs, adjusted profit before tax, adjusted tax charge,
adjusted profit after tax, adjusted earnings, and adjusted diluted earnings
per share. Adjusted operating margin, adjusted effective tax rate and adjusted
EBITDA are used in the Financial Review on pages 6, 9 and 11 respectively.
Adjusted EBITDA
● Adjusted EBITDA is earnings before interest, tax, depreciation,
amortisation and other non-cash items such as share-based payments and before
adjusting items. The full reconciliation and definition of adjusted EBITDA is
provided in the Financial Review.
● Covenant-adjusted EBITDA for Informa interest cover purposes under
the Group's previous financial covenants on debt facilities is earnings before
interest, tax, depreciation and amortisation and adjusting items. It is
adjusted to be on a pre-IFRS 16 basis.
● Covenant-adjusted EBITDA for Informa leverage purposes under the
Group's previous financial covenants on debt facilities is earnings before
interest, tax, depreciation and amortisation and adjusting items. It is
adjusted to include a full year's trading for acquisitions and remove trading
results for disposals, and to be on a pre-IFRS 16 basis.
Adjusted EBITDA margin
Adjusted EBITDA margin is shown as a percentage and is calculated by dividing
Adjusted EBITDA by revenue, which is provided as an additional useful metric
to readers.
Adjusted effective tax rate
The adjusted effective tax rate is shown as a percentage and is calculated by
dividing the adjusted tax charge by the adjusted profit before tax. The
Financial Review on page 9 shows the calculation of the adjusted effective tax
rate, which is provided as an additional useful metric for readers on the
Group's tax position.
Adjusted net debt
Adjusted net debt for Informa leverage purposes under the Group's previous
financial covenants on debt facilities is translated using average exchange
rates for the 12-month period and is adjusted to include deferred
consideration payable, to exclude derivatives associated with borrowings and
to be on a pre-IFRS 16 basis.
Adjusted operating margin
The adjusted operating margin is shown as a percentage and is calculated by
dividing adjusted operating profit by revenue. The Financial Review on page 6
shows the calculation of the adjusted operating margin, which is provided as
an additional useful metric on underlying performance to readers.
Adjusted tax charge
The adjusted tax charge excludes the tax effects of adjusting items, all
deferred tax movements relating to tax losses in Luxembourg as well as
significant one-off items. It includes the allowable tax benefit for goodwill
amortisation in the US and elsewhere.
Dividend cover
Dividend cover is the ratio of adjusted diluted earnings per share to
dividends per share for the year and is provided to enable year-on-year
comparability on the level at which dividends are covered by earnings.
Dividends consist of the interim dividend that has been paid for the year and
the proposed final dividend for the year. Diluted earnings per share are
adjusted to be stated before adjusting items impacting earnings per share. The
Financial Review on page 10 provides the calculation of dividend cover.
Dividend payout ratio
This is the ratio of the total amount of dividends per share paid and proposed
to shareholders relating to a financial year relative to the adjusted diluted
earnings per share on continuing operations for the year. The dividend payout
ratio is shown on page 10 of the Financial Review.
Free cash flow
Free cash flow is a key financial measure of cash generation and represents
the cash flow generated by the business before cash flows relating to
acquisitions and disposals and their related costs, dividends, any new equity
issuance or repurchases of own shares and debt issues or repayments. Free cash
flow is one of the Group's key performance indicators, and is an indicator of
operational efficiency and financial discipline, illustrating the capacity to
reinvest, fund future dividends and repay debt. The Financial Review on page
11 provides a reconciliation of free cash flow to statutory measures.
Informa interest cover
Informa interest cover is calculated according to the Group's previous
financial covenants on debt facilities and is the ratio of covenant-adjusted
EBITDA for interest cover purposes to adjusted net finance costs, excluding
certain finance fair value items. It is provided to enable the assessment of
our debt position together with our compliance with these previous specific
debt covenants. The Financial Review on page 14 provides the basis of the
calculation of Informa interest cover.
Informa leverage ratio
The Informa leverage ratio is calculated according to the Group's previous
financial covenants on debt facilities and is the ratio of net debt to
covenant-adjusted EBITDA, further adjusted for share-based payments charges,
for Informa leverage information purposes and is provided to enable the
assessment of our debt position together with compliance with these previous
specific debt covenants. The Financial Review on page 14 provides the basis of
the calculation of the Informa leverage ratio.
Net debt
Net debt consists of cash and cash equivalents, and includes bank overdrafts
(where applicable), borrowings, derivatives associated with debt instruments,
finance leases, lease liabilities, deferred borrowing fees and other loan
receivables or loan payables where these are interest bearing and do not
relate to deferred consideration arrangements for acquisitions or disposals.
Operating cash flow and operating cash flow conversion
Operating cash flow is a financial measure used to determine the efficiency of
cash flow generation in the business and is measured by and represents free
cash flow before interest, tax, restructuring and reorganisation costs. The
Financial Review on page 11 reconciles operating cash flow to statutory
measures.
Operating cash flow conversion is a measure of the strength of cash generation
in the business and is measured as a percentage by dividing operating cash
flow by adjusted operating profit in the reporting period. The Financial
Review on page 12 provides the calculation of operating cash flow conversion.
Underlying revenue and underlying adjusted operating profit
Underlying revenue and underlying adjusted operating profit refer to results
adjusted for acquisitions and disposals, the phasing of events, including
biennials, the impact of changes from implementing new accounting standards
and accounting policy changes and the effects of changes in foreign currency
by adjusting the current year and prior year amounts to use consistent
currency exchange rates.
Phasing and biennial adjustments relate to the alignment of comparative period
amounts to the usual scheduling cycle of events in the current year. Where an
event originally scheduled for 2024 or 2025 was either cancelled or postponed
there was an adverse impact on 2024 or 2025 underlying growth as no adjustment
was made for these in the calculation.
The results from acquisitions are included on a pro-forma basis from the first
day of ownership in the comparative period. Disposals are similarly adjusted
for on a pro-forma basis to exclude results in the comparative period from the
date of disposal. Underlying measures are provided to aid comparability of
revenue and adjusted operating profit results against the prior year. The
Financial Review on page 7 provides the reconciliation of underlying measures
of growth to reported measures of growth in percentage terms.
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